《Alice's Dream:Merge Games》

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赤子城科技(09911):社交业务保持高增,创新业务态势向好
Xinda Securities· 2025-05-15 14:16
Investment Rating - The investment rating for the company is "Buy" based on its strong performance and growth potential [10]. Core Insights - The company achieved a revenue of 5.09 billion RMB in 2024, representing a year-on-year growth of 53.92%. The social business revenue reached 4.63 billion RMB, growing by 58.1%, while the innovative business revenue was 460 million RMB, up by 21.3% [1][2]. - The operating profit was 729 million RMB, an increase of 32.3%, and the adjusted EBITDA was 963 million RMB, reflecting a growth of 42.8% [1]. - The company expects to record a revenue of approximately 1.5 to 1.57 billion RMB in Q1 2025, which is a year-on-year increase of about 41.5% to 48.1% [2]. Summary by Sections Social Business Performance - The social business continues to show robust growth, with a revenue of 4.63 billion RMB in 2024, up 58.1%. Key products like MICO and YoHo are contributing significantly, while the new product SUGO has seen revenue growth exceeding 200% [3]. - The average monthly active users (MAU) for the social business reached 32.835 million in Q1 2025, a quarter-on-quarter increase of 3.4% [3]. Innovative Business Development - The innovative business, particularly in premium games, has shown significant growth, with total revenue exceeding 705 million RMB, a year-on-year increase of over 80%. The flagship game "Alice's Dream: Merge Games" has also performed well [3]. - The social e-commerce segment has experienced revenue growth exceeding 200% and profit growth over 600% [3]. Profit Forecast - The company is expected to maintain high growth in its social and gaming products, with new products in development. The acquisition of remaining shares in NBT Social Networking is anticipated to further enhance profits in 2025 [5]. - The projected net profits for 2025-2027 are 903 million, 1.12 billion, and 1.38 billion RMB, representing year-on-year growth rates of 88.1%, 23.9%, and 23.3% respectively [5].
中信证券首次覆盖赤子城科技:“社交+创新”双线爆发 进入产品收获期
Zheng Quan Ri Bao Wang· 2025-05-09 12:48
本报讯 (记者李春莲)近日,中信证券研究部发布赤子城科技有限公司(以下简称"赤子城科技",09911.HK)投资价值 分析报告,首次覆盖给予"买入"评级。作为全球泛娱乐社交领域的龙头,赤子城科技凭借多年海外运营经验,以"产品复制+国 家复制"模式,扎根中东北非,并加速向全球市场扩张,正在进入"产品收获期",未来前景广阔。 中信证券上述分析师还表示,受益于石油等行业发展,中东北非国家人均GDP较高,但因自然环境、宗教文化习俗等因 素,用户线下社交娱乐受限,对线上社交娱乐有强烈需求。在"有钱有闲"的用户特征加持下,社交应用在中东北非市场空间广 阔。根据Verified Market Research预测,2032年中东媒体和娱乐市场有望达到820亿美元。同时,东南亚市场年轻网民基数大, 伴随着数字化基础设施完善,2025年东南亚数字娱乐GMV有望达34亿美元。 (编辑 李波) 同时,多元人群社交业务在海外市场亦加速拓展。报告还显示,公司的全球化多元人群社交平台HeeSay增长空间较大,后 续有望凭借直播玩法、东南亚/日韩等市场拓展,实现渗透率提升。 在社交业务护城河不断加深的同时,赤子城科技亦通过打造手游与社交电 ...